Massachusetts Home-Based Business Insurance

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Massachusetts Home-Based Business Insurance Policy Information

MA Home-Based Business Insurance

Massachusetts Home-Based Business Insurance. More and more people are discovering the benefits of owning their own home-based businesses. Many people edeoy small in-home businesses because it allows them to work part time, arranging their schedules around the needs of their children or other jobs.

Other people may decide to go into business full time. No matter the type of business, Massachusetts home-based business insurance is an essential and smart component required for businesses of all sizes. Just because you are home based doesn't mean that someone won't sue you!

Massachusetts home-based business insurance protects you from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.

Business insurance policies protect small Massachusetts home-based businesses from damage or loss of equipment and merchandise and from the fallout of potential claims of liability against the business.

There are roughly 38 million businesses operated out of people's homes across the United States. Every 12 seconds, a new business starts up, and around 7 out of 10 businesses based out of the home are operations three years down the road. There is more than $425 billion dollars in revenue generated by U.S. businesses each year. Around 2 out of 10 home businesses take in more than $100K per year.

What Are Some Insurance Coverage Types For MA Home-Based Businesses?

Just as there are a vast array of home-based businesses, there are a number of different avenues for getting business insurance coverage. Some of the most common are:

  • Renters or homeowners policies. The purchase of an addendum on a renters or homeowners policy is often all the coverage a true small home-based business needs. For MA small businesses that do not have a lot of inventory or equipment that requires coverage, this may be the best route. Oftentimes businesses of this nature can find coverage for just a few dollars a month with a rider on their basic renters or homeowners policy. However, this type of coverage does not afford the business any protection from liabilities, so if the business is one that may face liability claims, this option may not be sufficient for their needs.
  • Home business policies. For medium-sized MA home-based businesses with assets from $2,500 to $10K or for businesses that may face claims for injuries, poor work quality, or property damage, a Massachusetts home-based business insurance policy is an essential purchase. Usually very affordable, this policy provides around $10K in coverage for property and $1 million in coverage for liability claims.
  • Commercial insurance policies. A MA commercial insurance policy is the right policy for large home-based business ventures that require a substantial coverage level for many assets. This type of policy usually offers several options when it comes to liability protection, including negligence and malpractice insurance. It may afford millions of dollars to cover property damage or loss.

Why Does Your Home-Based Business Need Insurance Coverage?

Business insurance policies protect home-based businesses in MA from financial loss. Although risks vary widely according to the industry in which you do business, some potentials for loss include:

  • Damage to a substantial amount of inventory stored at home. Damage may result from fire or theft, with the potential to cost the business owner a great deal of money.
  • Claims against the business for a client's financial loss due to “errors and omissions” on the part of the small business.
  • Claims arising from illness or injury as a result of a product your business demonstrates or showcases.
  • Claims against the business brought about by damage you or employees do to a client's property.

These are just a few scenarios. There are an unlimited number of ways that MA businesses may find themselves on the receiving end of a lawsuit or claim, and business insurance provides a buffer for the business to prevent financial ruin.

What Coverage Does Massachusetts Home-Based Insurance Provide?

Although policies vary and are customizable based on the business' needs, most provide for:

  • Liability. Liability coverage guards against loss due to liability claims against the MA home-based business. Liability coverage amounts range from $300K to $1 million.
  • Property coverage. Home-based business property coverage shields the business from damage or loss to business equipment and other assets.
  • Loss of income coverage. This protection helps the business maintain its finances in the event of a work stoppage. Policies generally provide the money needed to pay employees and handle the business' bills for a year.
  • Directors and officers liability coverage. When an officer or director of a company is named in a legal suit, D&O, or directors and officers coverages, protects the company from liability.

Other coverage may be available, dependent on the home based business' needs.

Home-Based Businesses That Can Get Small Business Insurance

These home based businesses types might be eligble for a commercial insurance policy - if they need more coverage than a homeowners policy offers or provides:

  • Abstracting and indexing service
  • Accounting service
  • Adjuster/Independent claims adjuster
  • Adjuster/Public claims adjuster
  • Administrative support service
  • Advertising agency/Advertising specialty items sales
  • Answering service
  • Antique gallery shop
  • Appraisal service (non real estate)
  • Antique gallery/Art studio
  • Artists supplies
  • Association management service
  • Auctioneers (away from insured's premises)
  • Audit service (non-financial)
  • Background checking/Screening service
  • Bakery
  • Balloon art
  • Barber supplies
  • Barber
  • Beautician
  • Beauty supplies
  • Billing service
  • Book/Magazine distributor
  • Bookbinding
  • Bookkeeping service
  • Calligraphy
  • Camera/Photography sales or repair
  • Candle sales (excluding sales of candles made by individuals )
  • Candy/Nut confections
  • Car detailer
  • Cell phone/Pager sales
  • Ceramics
  • Clock or watch repair
  • Clowns, magicians, entertainers (excluding bands)*
  • Coaching service
  • Computer repair
  • Computer sales
  • Computer service bureau
  • Cosmetic sales (Avon, Mary Kay, etc.)
  • Computer repair
  • Computer sales
  • Court reporter
  • Crafts (excluding manufacturing/distribution of candles made by individuals)
  • Damage appraiser
  • Dance instructor
  • Database management
  • Desktop publishing
  • Disc jockey
  • Draftsmen
  • Dry food products/Mixes vendor
  • Editorial service/Proofreader
  • Education consultant
  • Embroidery
  • Employment agency
  • Engraving
  • Financial planning (exclude discretionary trading authority and/or access to customer funds)*
  • Floral arrangement
  • Food broker
  • Food supplements/Vitamins
  • Fund raising service
  • Furniture refinisher
  • Games puzzles vendor
  • Genealogist
  • Gift delivery service (balloons, gift baskets, etc...)
  • Gift Shop (excluding manufacturing/distribution of candles made by individuals)
  • Glassware
  • Grant writing service
  • Graphic artist/Designer
  • *Not eligible for Professional Liability coverage:
  • Handicrafts (excluding manufacturing/distribution of candles made by individuals)
  • Hearing aid sales
  • Hobby and model supplies (excluding explosives and propellants)
  • Household products (Amway, Fuller Brush, etc...)
  • Information search retrieval
  • Insurance agent
  • Insurance inspector
  • Insurance risk manager
  • Interior decorating
  • Interior window treatments
  • Interpreter
  • Inventory control specialist
  • Jewelry (Costume)
  • Kitchen supplies (Tupperware, etc...)
  • Ladies and girls clothing and accessories
  • Leather goods
  • Lingerie
  • Loan origination service
  • Management consultant
  • Manufacturers representative
  • Market research
  • Marketing consultant
  • Mediator
  • Medical claims processing/Transcriptionist
  • Men's and boy's clothing and accessories
  • Model
  • Monogramming
  • Mortgage field inspection
  • Musical instrument sales/Repair
  • Newspaper/Magazine/Book delivery
  • Notary public
  • Office supplies vendor
  • Paper goods
  • Paralegal
  • Personal care products
  • Personal fitness trainer
  • Personalized books and gifts
  • Photographer
  • Picture framing
  • Prepaid calling card vendor (excluding sales from vending machines)
  • Print broker
  • Printer
  • Professional organizer
  • Professional speaker
  • Publisher
  • Real estate agent
  • Registered agent
  • Religious goods
  • Resume service
  • Retail toy sales
  • Rubber stamp business
  • Scrapbooking
  • Secretarial service
  • Shoe repair
  • Sign painting
  • Stationary
  • Stenciling
  • Tailoring, alterations, seamstress
  • Tax preparer
  • Taxidermist
  • Teacher/Tutor (except sports, physical education, industrial or martial arts)
  • Telemarketing, telephone solicitation
  • Toner cartridge recharging
  • Training specialist/Seminar conductor
  • Transcribing/Court reporter
  • Translator
  • Travel agent
  • Trophy sales
  • TV/VCR repair
  • Upholsterer
  • Video and music Sales/Rental
  • Videotaping, dubbing, editing
  • Vinyl/Leather repair
  • Wedding and party planner
  • Wedding cake and/or cookie sales
  • Wood furniture crafter
  • Wood products (excluding toys and furniture making)
  • Word processing
  • Writer/Author

Massachusetts Economic Data, Regulations And Limits On Commercial Insurance

Made In Massachusetts

If you are thinking about starting a business in the Massachusetts, it's important that you have an understanding of the economic trends and commercial insurance requirements in the state before you set up shop.

Economic trends are important, as they indicate whether or not the area offers a strong economy that will be able to support your business. You also need to know what type of commercial insurance you'll need to carry so that you can plan accordingly and ensure that you are complaint with the law.

To help you determine if the Bay State is the right location for the business you are thinking about opening, below, you'll find an overview of MA's current economic trends, as well as the types of insurance policies you'll need to carry.

Economic Trends For Business Owners In Massachusetts

Unemployment rate is a good indicator of a state's economy. The lower the rate, the more job opportunities there are, which is direct reflection of the health of businesses.

As per the Bureau of Labor Statistics, the unemployment rate in Massachusetts was 2.8% in December, 2019. That's 0.7% lower than the national average, which was 3.5% in December, 2019. This indicates that the state offers a strong workforce and that there are enough jobs to support the residents of the state.

While regions throughout the area are seeing business growth, there are certain areas in particular that are seeing more growth than others. This includes large metropolitan areas and the regions that surround them, including:

  • Boston
  • Brockton
  • Cambridge
  • Lowell
  • New Bedford
  • Newton
  • Quincy
  • Springfield
  • Worcester

Several industries are doing very well in the state of Massachusetts; however, there are particular sectors that are seeing more growth than others and are truly thriving in this part of the country. These industries include:

  • Advanced manufacturing
  • Commercial fishing
  • Education
  • Financial services
  • Hospitality tourism
  • Information technology
  • Medicine and life sciences

If you are thinking about starting a business in any of these industries, chances are good that you will find the success you are looking for in the state of Massachusetts.

Commercial Insurance Requirements In Massachusetts

The Massachusetts Division of Insurance regulates insurance in MA. Massachusetts mandates very few forms of insurance coverage by law. They enforce worker's compensation.

Massachusetts requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors, but employees in domestic service must be covered if they work at least 16 hours a week.

Massachusetts also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.

Additional Resources For Small Business Insurance

Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.


Small Business Commercial Insurance

Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.

A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?

Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.

Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.

You need a written plan that allows you to get your operations back up and running as quick as possible.


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Also find Massachusetts insurance agents & brokers and learn about Massachusetts small business insurance requirements for general liability, business property, commercial auto & workers compensation including MA business insurance costs. Call us (617) 902-0099.

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